Fraud and other security risks are things that every business should be invested in to ensure they keep their information secure and avoid cyberattacks and identity theft. Fraudsters are always finding new ways to steal information, hack into systems, create fraudulent scenarios, and more, and these threats can happen to anyone. Your business information is sensitive, so if it’s not secure, it’s at high risk.
Here are a few simple ways you can keep your business safe from threats like scams, fraud, and other security breaches.
Protect Your Online Information
Any time you use a website or mobile app, be diligent about protecting your online information by turning on multi-factor authentication functions as well as using biometric capabilities like fingerprint sensors or facial recognition. You should also be regularly resetting your passwords and avoid sharing the same password across multiple accounts. There are many resources you can use to help generate unique passwords, and others that will help you store them securely. You should also be wary of public wi-fi connections that you don’t trust, such as in airports, coffee shops, libraries, etc.
Additionally, never click on any links that you don’t recognize or that direct you to another site that requests information. Emails can be easily faked to appear as if they are coming from your actual bank or another seemingly trustworthy organization. If they have reached out to you unprompted, be sure to triple check the source and legitimacy of any communication and never give out your personal information.
Lastly, always get the latest anti-virus software, keep your internet browsers updated, and keep your mobile phones and apps updated so you have the most recent security features.
Open an Online IRS Account
To help ensure the security of your financial and tax information, the IRS recommends taxpayers set up an online IRS account. Through this account, you can view important information about your federal taxes, such as your payoff amount, the balance you owe in taxes for each year, payment history, and more. This allows you to review and manage that information in real-time and lessen the risk of phone, email, or other scams.
The IRS also warns taxpayers that they will never call or email you regarding the status of your tax returns or to request personal information. You will only receive notices by direct mail with instructions on how to take action.
Understand and Monitor Your Credit Report
Another way to stay safe is to stay on top of your credit report and always be aware of your credit score, what impacts it, and how it’s trending. There are many solutions available to help you do just that, and Republic Bank offers a robust solution called “Credit Insights,” which is available for free within their Mobile Banking app.
The program monitors your credit report daily and will inform you by email if any big changes are detected — a new account has been opened, a change in address or employment, a delinquency has been reported, or an inquiry has been made. This level of monitoring will help you identify if there are any errors or suspicious activity in your report and keep an eye out for potential identity theft.
Start Using Positive Pay
Positive Pay is a fraud prevention system offered by financial institutions to protect against forged, altered, or counterfeit checks and allows companies to review issued checks prior to payment. The service matches the check number, dollar amount, and account number against an authorized list provided by the company, and if the information does not match the check, the bank notifies the company and withholds payment. From there, the bank awaits a response from the company on whether to cash the check.
Positive Pay is a fully automated tool that is monitored by the Cash Management Department of the bank and serves as a form of insurance for the business. By identifying suspicious or unauthorized checks before they have the chance to clear, businesses can avoid thousands (or more) in financial losses.
To set up Positive Pay through Republic Bank, visit our Treasury Management page or reach out to one of our representatives by calling 800-526-9127 today!
Want to learn more about fraud prevention and other helpful financial tips? Head over to our resource library to read on.
